Content Partner

Grade 9-12
,
Activity

Comparing Savings Accounts

Time: 40 mins,
Updated: October 18 2021,
Author: Jared Davidove

Objective

Students will be able to:

  • Evaluate savings accounts offered by various banks.
  • Calculate interest earned using the simple interest formula.
  • Analyze the return a higher yield savings account.

ReadyAssessments

Assign your students the Comparing Savings Accounts Quiz using ReadyAssessments, a free assessment tool.

Procedure

Prior to introducing students to Mint, we recommend you read through the Curriculum Overview (Section 1) to get acquainted with each activity and review pages 3 to 5 in Curriculum Orientation (section 2) to help you and your students log-in to Mint. Show students Intro and Logging in to Mint Video to orient them with the log-in process as well.

The Mint simulation is a hands on activity that lets students analyze and create a budget. Provide students with a digital copy or print copy of Comparing Savings Accounts Activity. Use Comparing Savings Accounts Answer Key as a teacher guide.

Disclaimer

For students to be able to access Mint successfully, they must use the same computer or device every time they access Mint. Otherwise, they will be forced to re-create a new account. Paid advertisements appear in Intuit Mint. The Council for Economic Education does not endorse or evaluate the advertised product, service, or company, nor any of the claims made by the advertisement.

FFFL Connection

Comparing Savings Accounts has been created as a real-world, hands-on technology activity to accompany FFFL 9-12, 3rd Edition lesson 9 called Financial Institutions and Services. If you have not taught this lesson plan, we recommend students are proficient in the credit concepts.

In this personal finance activity, students will use Mint, a real-world personal finance app, to follow Isaiah throughout the year and learn about savings accounts and interest.

Subjects:
Personal Finance